Gold slid lower Thursday, ending a holiday-shortened week and marking the yellow metal’s third weekly loss. In contrast, U.S. stocks jumped to conclude a fifth straight week of gains. Oil rallied back above $50 a barrel.
In New York trading futures for bullion:
Silver for May delivery lost a penny, or 0.1 percent, to $12.33 an ounce.
Gold for June fell $2.60, or 0.3 percent, to $883.30 an ounce.
- April platinum gained $7.90, or 0.7 percent, to $1,195.30 an ounce.
"The resiliency of the stock market recently suggests that gold prices should continue to remain under pressure in the short term," Tom Pawlicki, a metals analyst at MF Global Ltd. in Chicago, was quoted on Bloomberg. "Gold prices will receive fundamental pressure from a lack of ETF inflows and from weak demand in key consumer India."
In spot bullion trading, the benchmark London gold-fixing price stood at $880.50 an ounce, or 50 cents higher than Wednesday. Silver climbed two cents to $12.30. Platinum gained $11.00 to $1,195.00
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
Oil and gasoline prices
Crude-oil prices rallied in tandem with stocks. Oil soared $2.86, or 5.8 percent, to $52.24 a barrel. The price at the pump went up as well for consumers. AAA said the average prices for unleaded gasoline rose four-tenths of a penny to $2.051 a gallon. The price a week ago was $2.045.
U.S. stocks surged forward. The Dow Jones industrial average rallied 246.27 points, or 3.14 percent, to 8,083.38. The S&P jumped 31.40 points, or 3.81 percent, to 856.56. The Nasdaq Composite rose 61.88 points, or 3.89 percent, to 1,652.54.
Markets are closed on Good Friday.